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Clydesdale
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mitkire
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Post by musiclady1 Tue Apr 10, 2012 7:59 pm

Okie and group---My husband and I want to just thank you and your group who helps. You are wonderful people--giving your time and expertise so untirely to all of us who wonder about things. THANK YOU are just mere words that try to tell you how we appreciate you.

One thing caught my eye today -- I think written by Jonny that mentioned we'll pay 30% tax because of the application of the Warren Buffet Ruling. Do you have any comments regarding that. We thought it was originally 15%. So, we were counting on 15% all along.

TYVM and may God richly bless you.

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Post by jbish422 Tue Apr 10, 2012 8:05 pm

They haven't even voted yet on that bill..however it is expected to pass in the Senate..and then killed in the house..they have explained that even if it goes to the 30 % they really won't get that much in taxes...

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Post by PALMER01 Tue Apr 10, 2012 9:06 pm

Somewhere around 6 Billion, based on the number of current taxpayers making over a million a year. What would it be when we add to that number, the number of taxpayers from Dinarland, and would they be able to keep their mitts off? That bill will not go anywhere until maybe after the November election.
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Post by Terbo56 Tue Apr 10, 2012 9:11 pm

Taxes are illegal, and have been since 1913-Twisted Evil
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Post by PALMER01 Tue Apr 10, 2012 9:14 pm

You got that right, Terbo. I wonder if Timmy wanted to make that his defense.affraid
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Post by Terbo56 Tue Apr 10, 2012 9:23 pm

I've got it right here-'The U.S. Constitution, Article 1, section 8- There shall be 'No direct tax'-:evil:
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Post by DevaronDLH Tue Apr 10, 2012 9:36 pm

Most of the people I know have researched, to some extent, the so called tax laws. The IRS would have you believe you owe taxes for everything.. when in truth you do not owe taxes at all, to anyone for any reason. The IRS tells you that YOU and I are subject to Part 26 of the IRC (Internal Revenue Code)... and the director of the IRS has stated before Congress on several occasions "Part 26 pertains to Individual Income Tax and as such it is completely VOLUNTARY... (if you understand the word Voluntary you should realize you cannot make a law about something that is voluntary... if you did make a law, it would NOT be voluntary any further). Part 27 is Mandatory but then part 27 applies on the ATF Rules and Regulations (Alcohol, Tobacco and Firearms) and the Government has been able to regulate and tax ATF stuff since day one of this nation.
The problem most people have is at least three fold: they believe themselves to be a "Person" (the person named in or referred to in the IRC is in fact a corporation not a living human being. You are NOT the person the IRC can control, so stop volunteering yourself to be something you are not. the second mistake is the defination of "Income". You do not receive income for your labor, and if you work (labor) for a living you are not subject to INCOME. By definition, Income is the interest you earn from an investment.
The third mistake is evident in your association with the nation you live in. The US Supreme Court has ruled on at least 3 occasions : "This nation is composed of two distinct and separate countries and each has its own laws and its own citizens. the Two countries have names: The US (UNITED STATES) and the USA (United States of America)... all this means you are either a UNITED STATES citizen or you are an American citizen... One lives in the Republic of America the other lives in the Democracy of the US... And just for your understanding the UNITED STATES (US) is defined under law as being: Wanshington DC, Guam, Porto Rico, the Virgin islands, American Semoa, the norther Marianas Islands and the attachments within the States (attachments are land given to the government for the construction of forts, military bases, docks and other military storage places). If you were not born in any of the places I just identified, if you are not living in any of the places i have identifed, then you are an AMERICAN CITIZEN...NOT SUBJECT TO U.S. RULES OR REGULATIONS.
There are several people on this website who know exactly what I am saying here and can offer you help to further understand your position in this and your relationship to it.
AJ Anderson is one such person.
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Post by 1alaskan Tue Apr 10, 2012 9:37 pm

No one knows at what rate we will be taxed, but my tax guy is still sticking with 35% short term, 15% long term, right now.

But I see no way that congress will pass any tax changes before November.

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Remember as always, JMHO
Rantings from just north of sixty

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Post by Terbo56 Tue Apr 10, 2012 10:18 pm

Who knows, but in any event,we can hold onto it as long as we can, then when the IRS tanks we won't have to worry about it then, will we!Twisted Evil
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Post by 2AMHHO Tue Apr 10, 2012 10:23 pm

GOOD NEWS: - no direct tax on Dinar or Dong conversions. Wed Jan 11, 2012 12:51 am





I received the below e-mail and if true, it will be a good thing for us all.


Forwarded conversation
Subject: Re: Fwd: GOOD NEWS: - no direct tax on Dinar or Dong conversions. Have authorities re-verify this.
------------------------

Elaina, I have maintained from day one of this DinarCoaster ride that the act of exchanging one currency for another is not a taxable event.

I have been perplexed at the eagerness of our fellow citizens to line up to flush their exchanged currency down the toilet hole known as the IRS.


Friends:

When you convert Dinar to US dollars, you are not selling anything that brings taxable capital gain. You aren’t selling a house, or stock, or any of the normal capital-increasing gains. The IRS read-out below states this, and it makes sense.

Suppose that you never cash in your Dinar. You could simply fly to Iraq and spend the Dinar there to buy cars, boats, TVs, and lots of cell phones (for example).

At cash-in time, (after the RV) you are merely converting one currency to another – Dinar converts into US dollars. Assuming the RV has occurred, the dollars you get when you convert them have the same value as the Dinar. You won’t get anymore or less than exactly the newly assigned value of the Dinar.

Therefore the IRS states below that no capital gains tax is due when you cash-in Dinar. Read carefully the IRS findings shown below and verify them for yourself.

Beware - if you put your US dollars into an interest bearing bank account (for even one day), you will gain interest and you will owe tax on the interest gained for that one day. It’s best to deposit your dollars into a non-interest-bearing bank or credit union account.
Examine this IRS opinion regarding form 8938.
The form was designed to identify people with off-shore
bank accounts or LLCs, or Corporations and get them
to reliably report their holdings.
Fortunately, none of the hype [about form 8938] applies to private citizens who happen to be holding foreign currency such as the Dinar or Vietnam Dong.
IRS statements regarding Dinar follow:
===-===

I, [xxx,yyy], took the time to call the IRS [Special Accounts Division]. I spoke to a supervisor named Ms. Theresa Klier (Employee# 1000349035). She informed me that this form 8938 has been in existence since June of this year [2011], following attempts by speculators in recent months to shield themselves from federal levies.

This obligation to report income that people derive from foreign currency accounts [bank accounts in other countries that hold non-US currencies] didn’t suddenly become law last week. [Reporting on your offshore accounts has been an IRS requirement for a long time.]

She said that the IRS is targeting a specific group of individuals who, until now, have been hiding assets with the specific intent of avoiding taxation by the Treasury Department. Per Ms. Klier, the federal government requires individuals to complete Form 8938 only under the following circumstances:

1) If you hold stock issued by a foreign corporation [because stocks eventually may generate capital gains when they are sold and US tax will be due.]

2) If you earn capital or have accrued interest from profits earned through a foreign partnership

3) If you hold notes, bonds, debentures or other debt instruments issued by a foreign entity

[ because notes and bonds produce capital gain sooner or later – for which you will owe US tax.]

4) If you’ve earned interest in a foreign trust or a foreign estate [tax on interest will be due – even in a US bank account.]

5) If you hold options or other derivative instruments with respect to any of the forgoing examples or with respect to any currency or commodity that’s entered into with a foreign counter-party or issuer.

[For example Forex Traders who use a computer to buy and sell currencies, are not converting [Francs] from one currency to another. Forex traders can buy 1000 Swiss Francs (a real purchase) and then sell them back ten minutes later, hoping to have made a profit. Tax will be due on that profit. In contrast, Dinar holders aren’t selling anything when they convert Dinar to US dollars. The US dollars will be exactly equal to the value of the Dinar – assuming the RV has been announced.]

***I made a point of asking [IRS Klier] if currency secured through a licensed currency trader [like Dinar Banker] would bring a private citizen under the purview of the laws that Form 8938 is designed to enforce and she said “NO”.



Other than the conditions referenced above, Dinar holders are only obliged to turn in Form 8938 if they purchased the currency directly from a foreign agent or a foreign bank or agent operating outside of our borders***

===-===

Since various phone calls to the IRS have in the past produced a variety of answers, please seek local verification of the interpretations above.

Tax for capital gains produced in 2012 are not fully due until April of 2013, but quarterly payments are demanded throughout the year, and late penalties for missing the quarterly payments are very real.



Some people will probably choose to simply pay a flat 15% to the IRS as a safe action. (fine)

Why? Given rumors that:

- many banks can and do close for reasons of illiquidity or bankruptcy, and

- the FDIC did not recover client funds when MF Global bank went down in December 2011, and

- martial law may possibly be declared in 2012, and

- the dollar is going down in value (faster and faster), and

- high tax increases are coming as healthcare hollows out savings, and

- the price of gasoline may double, and

- ATM machines would stop working if a dreaded bank holiday is ordered, and

- gas pumps cannot accept credit cards when banks fail (requiring US dollar cash only), and

- banks or government edicts may ration your access to your funds (as in France), and

- wealthy people may be forced to pay much extra so that it can be distributed to pay the free health care that illegal aliens are to be given, and

- government committees will have direct access to all bank accounts to withdraw whatever they think you are able to pay to support welfare programs, (the wealthy should pay more, we hear), and

- A new gold or metals-backed US currency of unknown value may replace current greenback dollars.

Therefore some people may decide to over-pay, known or unknown taxes, up front while their funds are still liquid with US dollars in the bank (soon after the Dinar RV.)

new gold bill 2

We don’t know – you may pay $200 greenback dollars to get one of the (expected) gold-backed bills above, instantly cutting your savings in half. Let’s hope the new bills won’t cost $1000 dollars to get one gold-backed new $100 bill.

If 2012 goes smoothly, any excess paid into the IRS will come back to you in 2013, or will be sitting there in your IRS account as a credit against future taxes in future years.

Seek verification in writing that the five points above are trustworthy.

Two separate people on two separate occasions obtained the points above. Blue brackets above are my clarifying inserts.


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Post by Kevind53 Tue Apr 10, 2012 10:27 pm

What do you make of the 16th amendment then?

AMENDMENT XVI
Passed by Congress July 2, 1909. Ratified February 3, 1913.

Note: Article I, section 9, of the Constitution was modified by amendment 16.

The Congress shall have power to lay and collect taxes on incomes,
from whatever source derived, without apportionment among the several
States, and without regard to any census or enumeration.
Ratified by 42 of the 48 states then existing

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Post by DevaronDLH Wed Apr 11, 2012 12:38 am

The Congressional record shows only 3 States ratified the 16th Amendment.
The Secretary of State, Philander P. Knox committed perjury when he certified the Amendment to be approved by 42 states.
In the mid 1970's there were tow lawyers from Texas who wrote a book titled: "When does a lie become a law?" It was about the 16th Amendment that had never been passed but it was only claimed to have passed. The AFL/CIO also researched the claim that the 16th Amendment had been lawfully passed. They discovered that only 3 States had voted on the Amendment and that was on 23 of December, 1913... while most of the Congress was home on Christmas vacation.
The 16th Amendment is a lie, those who claimed it had legally passed into law lied about it, and bottom line: The United States Supreme Court has ruled on the Amendment and stated, "The 16th Amendment gave Congress NO NEW taxing powers".
"Income" by legal definition is STILL (and only) "Interest gained from Investment, not the principle itself but the gain derived from the principle."
the people of America have lived under this lie for nearly 100 years.. it is time to end the lie, and end the company to whom the lie actually applies (the FRB and the IRS)... This is not new information.. and Ron Paul has been telling people about this situation for many years.
I guess people like their suffering and their hard times, cause they don't need them but insist on having them anyway.
As it was once written: "Argue for your limitations and sure enough they are yours!"
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Post by rick152 Wed Apr 11, 2012 1:29 am

Lets just say that the RV happens real quick like a few days from now. You 9customarily) have until next April 2013 to pay any said taxes. If those monies brought by the Rv are taxable and most of your "gain' is invested into businesses or properties. until those investments show a profit there is no taxon that part then you have donations / gifts. those become a deduction.



So now lets say we (or I) take ALL my gains and "give" those funds (RV money) to a non-profit...say one that I / you own. As long as the non-profit maintains said non-profit status than no tax. You / I take a "salery" That is taxed! you / I can regulate the amount of "pay' you / I get to keep under a certain amount. As far as you / I "getting extra" out of the non-profit such as a "business expense" A paid trip to the bahamas, or a new "company car" a "company house" so that you / I can "entertain" clients.



What i'm trying to say is there are lots of ways to "shield" one from too mnay taxes, especially when one has money....Deductions, decutions, deductions...The name of the game.



truth be I have made up to 750 k in a year (several times as of late) and had zero in tax BUT getting out of the 1200 a year to S S I is another story

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Post by prosetian Wed Apr 11, 2012 1:44 am

I think maybe you should not give tax advice rick. You might want to run those ideas by your cpa or tax attorney, I don't think they will work for ya.

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Post by rick152 Wed Apr 11, 2012 1:56 am

OK I am not a tax peep but I have been making money and not paying taxes for years Legally I might add. Plus I have a very good cpa. For example I did have income recorded as 950 k this last tax year and paid only 1200 to the S S I and no fed or state tax at all. There are ways to accomplish things Legally and legitimate.



BTW Im not giving tax advice meerly pointing out there are ways

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Post by prosetian Wed Apr 11, 2012 2:25 am

Oh yes, there are many way to sheild income and avoid taxes. However, in your first paragraph you say one could take the profit from selling dinar and reinvest it and no tax would be due until the profit was taken from the new investment. Far as I know, that only applies to the sale of a personal residence. You also say no tax would be due on RV profit until 2013. While that is technically true as the law says no tax is due until an assesment is made, that is not how it works, pretty sure the IRS is going to be expecting quarterly tax payments during 2012.

And definitely, anyone considering anything with non-profits, better talk with a tax attorney, those can get you in a real sling if not done exactly right. And remember, if you give a ton of money to a non-profit, the money is no longer your money.

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Post by prosetian Wed Apr 11, 2012 2:28 am

@DevaronDLH wrote:Most of the people I know have researched, to some extent, the so called tax laws. The IRS would have you believe you owe taxes for everything.. when in truth you do not owe taxes at all, to anyone for any reason. The IRS tells you that YOU and I are subject to Part 26 of the IRC (Internal Revenue Code)... and the director of the IRS has stated before Congress on several occasions "Part 26 pertains to Individual Income Tax and as such it is completely VOLUNTARY... (if you understand the word Voluntary you should realize you cannot make a law about something that is voluntary... if you did make a law, it would NOT be voluntary any further). Part 27 is Mandatory but then part 27 applies on the ATF Rules and Regulations (Alcohol, Tobacco and Firearms) and the Government has been able to regulate and tax ATF stuff since day one of this nation.
The problem most people have is at least three fold: they believe themselves to be a "Person" (the person named in or referred to in the IRC is in fact a corporation not a living human being. You are NOT the person the IRC can control, so stop volunteering yourself to be something you are not. the second mistake is the defination of "Income". You do not receive income for your labor, and if you work (labor) for a living you are not subject to INCOME. By definition, Income is the interest you earn from an investment.
The third mistake is evident in your association with the nation you live in. The US Supreme Court has ruled on at least 3 occasions : "This nation is composed of two distinct and separate countries and each has its own laws and its own citizens. the Two countries have names: The US (UNITED STATES) and the USA (United States of America)... all this means you are either a UNITED STATES citizen or you are an American citizen... One lives in the Republic of America the other lives in the Democracy of the US... And just for your understanding the UNITED STATES (US) is defined under law as being: Wanshington DC, Guam, Porto Rico, the Virgin islands, American Semoa, the norther Marianas Islands and the attachments within the States (attachments are land given to the government for the construction of forts, military bases, docks and other military storage places). If you were not born in any of the places I just identified, if you are not living in any of the places i have identifed, then you are an AMERICAN CITIZEN...NOT SUBJECT TO U.S. RULES OR REGULATIONS.
There are several people on this website who know exactly what I am saying here and can offer you help to further understand your position in this and your relationship to it.
AJ Anderson is one such person.

Pretty goodrundown. Would you happen to have the cites for those 3 Supreme Court decisions?

thanks

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Post by rick152 Wed Apr 11, 2012 2:45 am

@prosetian wrote:Oh yes, there are many way to sheild income and avoid taxes. However, in your first paragraph you say one could take the profit from selling dinar and reinvest it and no tax would be due until the profit was taken from the new investment. Far as I know, that only applies to the sale of a personal residence. You also say no tax would be due on RV profit until 2013. While that is technically true as the law says no tax is due until an assesment is made, that is not how it works, pretty sure the IRS is going to be expecting quarterly tax payments during 2012.

And definitely, anyone considering anything with non-profits, better talk with a tax attorney, those can get you in a real sling if not done exactly right. And remember, if you give a ton of money to a non-profit, the money is no longer your money.



You may be right about the quarterly tax, But as I see it most if not all the time quarterly tax is of corperations not individuals is it not? As far as taking the RV money...I misspoke (sorry) in that upon RV the nonprofit cashes in and then the tax would be voided , That said if we need pay tax on the increase at all being it is a cash for cash exchange.

There are a lot of variables and those variables will definately be the reason for a tax consultant and attorneys. you are correct! Thanks

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Post by rick152 Wed Apr 11, 2012 2:58 am

@DevaronDLH wrote:Most of the people I know have researched, to some extent, the so called tax laws. The IRS would have you believe you owe taxes for everything.. when in truth you do not owe taxes at all, to anyone for any reason. The IRS tells you that YOU and I are subject to Part 26 of the IRC (Internal Revenue Code)... and the director of the IRS has stated before Congress on several occasions "Part 26 pertains to Individual Income Tax and as such it is completely VOLUNTARY... (if you understand the word Voluntary you should realize you cannot make a law about something that is voluntary... if you did make a law, it would NOT be voluntary any further). Part 27 is Mandatory but then part 27 applies on the ATF Rules and Regulations (Alcohol, Tobacco and Firearms) and the Government has been able to regulate and tax ATF stuff since day one of this nation.
The problem most people have is at least three fold: they believe themselves to be a "Person" (the person named in or referred to in the IRC is in fact a corporation not a living human being. You are NOT the person the IRC can control, so stop volunteering yourself to be something you are not. the second mistake is the defination of "Income". You do not receive income for your labor, and if you work (labor) for a living you are not subject to INCOME. By definition, Income is the interest you earn from an investment.
The third mistake is evident in your association with the nation you live in. The US Supreme Court has ruled on at least 3 occasions : "This nation is composed of two distinct and separate countries and each has its own laws and its own citizens. the Two countries have names: The US (UNITED STATES) and the USA (United States of America)... all this means you are either a UNITED STATES citizen or you are an American citizen... One lives in the Republic of America the other lives in the Democracy of the US... And just for your understanding the UNITED STATES (US) is defined under law as being: Wanshington DC, Guam, Porto Rico, the Virgin islands, American Semoa, the norther Marianas Islands and the attachments within the States (attachments are land given to the government for the construction of forts, military bases, docks and other military storage places). If you were not born in any of the places I just identified, if you are not living in any of the places i have identifed, then you are an AMERICAN CITIZEN...NOT SUBJECT TO U.S. RULES OR REGULATIONS.
There are several people on this website who know exactly what I am saying here and can offer you help to further understand your position in this and your relationship to it.
AJ Anderson is one such person.



devaronDLH, if I might add to what you has said so well... In 1871 I believe the then President Lincoln placed the country into marshall law to combine the resources of the nation in the civil war effort. Upon his death around 1873 the then congress had a choice to remove the marshall law that Linclon was about to do himself. They decided to not. This makes a supreme court decision in either 1903 or 07 (not sure which) that stated there are 2 entities running in this country. The United States of America (the corperation) and America (the original republic) Both still exist today according to the writ of the court. President Kennedy (it is suspected) was about to revert the U. S. back to the republic from whence it came and was killed before he could. Lots of history here... Thanks for bringing your post

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Post by TC2012 Wed Apr 11, 2012 6:04 am

Hey Rick, I agree that a good CPA can do wonders to save people taxes LEGALLY. If it is at all possible, I would sure like to have the name of your CPA. IF you can and do not mind letting me know, please PM me. I am looking for one that is better than the one I got.

Also, just a tidbit that my current CPA tells me. LLC's are the least audited by the IRS than any other type of Entity.

thanks,

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Post by therealbutterfly Wed Apr 11, 2012 8:13 am

2AMHHO I wouldnt pass that email around to too many people. Whoever wrote it is really not qualified to give any tax advice to anyone. I have gone to several CPA and Tax lawyers and they state completely different. Also, a conversion of currency is a taxable event if its more than $200 change. Its in the tax code (forget the number now tho). I suggest you (and this is for everyone not you as in YOU Smile ) stop reading what random people on forums say and talk to real professionals that understand your individual situation. Every person involved in this will have different tax implications depending on what they do with this thing when its over.
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Post by mitkire Wed Apr 11, 2012 8:36 am

@musiclady1 wrote:Okie and group---My husband and I want to just thank you and your group who helps. You are wonderful people--giving your time and expertise so untirely to all of us who wonder about things. THANK YOU are just mere words that try to tell you how we appreciate you.

One thing caught my eye today -- I think written by Jonny that mentioned we'll pay 30% tax because of the application of the Warren Buffet Ruling. Do you have any comments regarding that. We thought it was originally 15%. So, we were counting on 15% all along.

TYVM and may God richly bless you.

UNTIRINGLY

MEAR

JONNYWG IS NOT MENTIONED HERE!

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Post by therealbutterfly Wed Apr 11, 2012 9:02 am

@mitkire wrote:
@musiclady1 wrote:Okie and group---My husband and I want to just thank you and your group who helps. You are wonderful people--giving your time and expertise so untirely to all of us who wonder about things. THANK YOU are just mere words that try to tell you how we appreciate you.

One thing caught my eye today -- I think written by Jonny that mentioned we'll pay 30% tax because of the application of the Warren Buffet Ruling. Do you have any comments regarding that. We thought it was originally 15%. So, we were counting on 15% all along.

TYVM and may God richly bless you.

UNTIRINGLY

MEAR

JONNYWG IS NOT MENTIONED HERE!

FYI, she is correct with her spelling of 'mere'. Last I checked, no one cares about how people spell or punctuate on posts. This isnt English class. Smile
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Post by mitkire Wed Apr 11, 2012 9:13 am

THANKS FOR CHECKIN'. YOU DID. OOOPS. GOTCHA! HAHAHAHA!

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Post by jplove71 Wed Apr 11, 2012 1:19 pm

IRS Publication 525, Page 33, Foreign currency transactions - If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you do not have to include that gain in your income unless it is more than $200. If the gain is more than $200, report it as a capital gain.

http://www.irs.gov/pub/irs-pdf/p525.pdf

As we all know, capital gain tax is 15%.


Last edited by jplove71 on Wed Apr 11, 2012 2:03 pm; edited 1 time in total (Reason for editing : Bold and underline to make it more noticeable)

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Post by Clydesdale Wed Apr 11, 2012 1:42 pm

Thanks for the info JP

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Post by jplove71 Wed Apr 11, 2012 1:46 pm

@Clydesdale wrote:Thanks for the info JP
Most welcome. Very Happy

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Post by rick152 Wed Apr 11, 2012 1:50 pm

@therealbutterfly wrote:2AMHHO I wouldnt pass that email around to too many people. Whoever wrote it is really not qualified to give any tax advice to anyone. I have gone to several CPA and Tax lawyers and they state completely different. Also, a conversion of currency is a taxable event if its more than $200 change. Its in the tax code (forget the number now tho). I suggest you (and this is for everyone not you as in YOU Smile ) stop reading what random people on forums say and talk to real professionals that understand your individual situation. Every person involved in this will have different tax implications depending on what they do with this thing when its over.

What she said... IRS TAX TO BE PAID 949729897

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Post by SEBtopdog Wed Apr 11, 2012 2:00 pm

@rick152 wrote:
@therealbutterfly wrote:2AMHHO I wouldnt pass that email around to too many people. Whoever wrote it is really not qualified to give any tax advice to anyone. I have gone to several CPA and Tax lawyers and they state completely different. Also, a conversion of currency is a taxable event if its more than $200 change. Its in the tax code (forget the number now tho). I suggest you (and this is for everyone not you as in YOU Smile ) stop reading what random people on forums say and talk to real professionals that understand your individual situation. Every person involved in this will have different tax implications depending on what they do with this thing when its over.

What she said... IRS TAX TO BE PAID 949729897

Mmmmm-Hmmmmm. I agree with what TRB and Rick152 said. One other thing: Don't forget the IRS is the most ruthless debt collection agency on the planet. They can grab the $$$ out of your accounts without due process and can keep it until things get sorted out later. This will be a long and incredibly expensive process. Speaking only for myself, it's just not worth a run-in with the IRS. Suspect affraid Suspect

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Post by 1alaskan Wed Apr 11, 2012 2:13 pm

@jplove71 wrote:IRS Publication 525, Page 33, Foreign currency transactions - If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you do not have to include that gain in your income unless it is more than $200. If the gain is more than $200, report it as a capital gain.

http://www.irs.gov/pub/irs-pdf/p525.pdf

As we all know, capital gain tax is 15%.



That is the tax code I have printed out and stuck to the wall above my desk,

NUFF SAID..................


Last edited by 1alaskan on Wed Apr 11, 2012 2:13 pm; edited 1 time in total (Reason for editing : typo)

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Post by SEBtopdog Wed Apr 11, 2012 2:45 pm

@1alaskan wrote:
@jplove71 wrote:IRS Publication 525, Page 33, Foreign currency transactions - If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you do not have to include that gain in your income unless it is more than $200. If the gain is more than $200, report it as a capital gain.

http://www.irs.gov/pub/irs-pdf/p525.pdf

As we all know, capital gain tax is 15%.



That is the tax code I have printed out and stuck to the wall above my desk,

NUFF SAID..................

Thanks, 1Alaskan. But for the really, really, really newbies to this investment, please also remember something must be held for over 1 year to qualify as a long-term capital gain. And seek out the advice of a good tax professional ... you should be able to afford it after the RV.

IRS TAX TO BE PAID 949729897 IRS TAX TO BE PAID 1815401988 (We need a "NUFF SAID" Widget.)

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Post by 1alaskan Wed Apr 11, 2012 3:04 pm

Always seek professional help, the tax code is now four times longer the the complete works of Shakespeare!

http://www.smartmoney.com/taxes/income/10-things-i-hate-about-tax-day-1334094821191/#printMode

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Post by dinarstar Wed Apr 11, 2012 3:16 pm

A stupid question I am sure...but... I will put it out there anyway Wink

15% if capitol gains and has been held for 12 months or more,
however,if I made a million dollars return,would that not put me into the highest tax bracket,of I think it is,35% anyway...? say what?

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Post by Cardiac99 Wed Apr 11, 2012 4:12 pm

Dinarstar, I may be wrong, but I think they go off of how much you EARNED to get your tax bracket, not how much you MADE.

Also, I am on Social Security Disability. I checked with Social Security to see if this was going to mess me up as far as income, because we are allowed to make some money and still keep all of our disability. The lady told me that this was viewed as an "investment" not as "wages for working", therefore my check would not be affected. She also said that if I re-invested in something else and made a profit, that would not affect me either. If I buy a business, and collect pay from that business, however, that would count as wages and affect my check.
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Post by PrudenceArt Wed Apr 11, 2012 4:23 pm

PEOPLE this is the same as every election uear......democrats say hey you rich people pay more now and be taxed higher....They know it will never go thru but it gets votes from the people saying...see the office is trying to raise taxes on the rich

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Post by prosetian Wed Apr 11, 2012 4:38 pm

@1alaskan wrote:
@jplove71 wrote:IRS Publication 525, Page 33, Foreign currency transactions - If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you do not have to include that gain in your income unless it is more than $200. If the gain is more than $200, report it as a capital gain.

http://www.irs.gov/pub/irs-pdf/p525.pdf

As we all know, capital gain tax is 15%.


That is the tax code I have printed out and stuck to the wall above my desk,

NUFF SAID..................

Unfortunately, IRS publications are NOT the tax code. There are numerous court decisions that show if you follow what is in an IRS publication and it turns out not to apply or is wrong, it is totally on you, the IRS has no responsibilty for having misled you with their publication and what it says in a publication is not the law and is not a defense. It might hold up and it might not.

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Post by Terbo56 Wed Apr 11, 2012 4:39 pm

Taxes have been illegal since 1913-Twisted Evil
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Post by prosetian Wed Apr 11, 2012 4:42 pm

@Cardiac99 wrote:Dinarstar, I may be wrong, but I think they go off of how much you EARNED to get your tax bracket, not how much you MADE.

Also, I am on Social Security Disability. I checked with Social Security to see if this was going to mess me up as far as income, because we are allowed to make some money and still keep all of our disability. The lady told me that this was viewed as an "investment" not as "wages for working", therefore my check would not be affected. She also said that if I re-invested in something else and made a profit, that would not affect me either. If I buy a business, and collect pay from that business, however, that would count as wages and affect my check.

Your tax bracket is based on your net income, they don't care where it came from. The lady may be right on your disability, that is a different matter.

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Post by prosetian Wed Apr 11, 2012 4:44 pm

@terbo56 wrote:Taxes have been illegal since 1913-Twisted Evil

Taxes are not illegal, although, they should be. They are illegally applied all the time and it is very difficult to win as the courts are usually backing anything the IRS says.

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Post by 1alaskan Wed Apr 11, 2012 4:55 pm

Well,

Our tax folks are going with what they have at this time, but they did ask if anyone I had heard of getting a "certified ruling", which to date I hear some claim they have, but have never seen one.

But untill the value of either IQD or VND, we really have nothing to worry about as on most of what we own, it is past the one year mark, and what is not, we can hold till it is.

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Post by rick152 Wed Apr 11, 2012 5:03 pm

@prosetian wrote:
@terbo56 wrote:Taxes have been illegal since 1913-Twisted Evil

Taxes are not illegal, although, they should be. They are illegally applied all the time and it is very difficult to win as the courts are usually backing anything the IRS says.

The current tax code and the courts are part of the corperation not the republic

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Post by Kevind53 Wed Apr 11, 2012 6:03 pm

Well you can play sea lawyer and try to argue a case based upon the merits of largely punctuation and transcription errors, and whether or not a state may have violated their own constitution ... that doesn't really matter as far as the fed is concerned. It's pretty much up to the citizens of that state to determine what, if anything should be done. Since every argument thus far has been totally rejected, I'll not bet my money on getting away with it ... You can cite all the technicalities you want, but that dog just ain't gonna hunt.

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